COVID-19 Impact on Pharmaceutical Packaging in Chemicals and Materials Industry

COVID-19 Impact on Surgical Instruments Tracking Systems in Healthcare Industry

  • Healthcare
  • Jan 22, 2021

COVID-19 Impact on Surgical Instruments Tracking Systems in Healthcare Industry 

The occurrence of coronavirus disease caused due to the severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) has spread globally. Most people infected with the COVID-19 virus will experience mild to moderate respiratory illness and recover without requiring special treatment. Globally as of 15 December, 2020 there have been 71,351,695 confirmed cases of COVID-19, including 1,612,372 deaths reported to WHO. Americas confirmed cases to be 30,656,971, standing first in the pole for the maximum confirmed cases while Europe with 22,116,845 confirmed cases standing second in position.

As per looking into inter country analysis of confirmed cases of COVID-19, United States of America stands first with 16,041,095 cases and India stands second in the race with 9,906,165.

In premature 2020, after a December 2019 flare-up in China, the World Health Organization has declared COVID-19 as world pandemic. The outbreak of this disease has quickly spread across the globe. This disease has infected millions of people and many thousands of people have died as of August 2020. Currently no antiviral drug has been developed till date. Many researches are still being conducted on the various aspects of the already present anti- viral vaccines or drugs. Hence the isolation of infected people, lockdown of the different states all around the world with travel restrictions is being implemented on a big picture. Therefore, the world healthcare system urges the scientists to discover a solution against COVID-19. The in-silico approach of the identification and interaction of the virus is extensively taking part in the research areas. The transmissible nature of COVID-19 has led to major increase in the global market of medical devices which would include Blood bags being used by many organizations across the stretch of land. After the outbreak of COVID-19 the Global surgical instruments tracking systems market has turned around from both demand and supply side. The market would gain profits in terms of COVID-19 situation.

According to certain studies and findings it’s noted that the surgical instruments tracking systems market is expected to grow uphold for the coming years.

IMPACT ON DEMAND SIDE:

COVID-19 has exposed vulnerabilities in healthcare systems across the world. To reduce infectious risk to patients and providers, and conserve critical resources-such as personal protective equipment (PPE), ventilators, and intensive care (ICU) beds-most states have enacted a temporary ban on elective surgery from March through May 2020.

The pandemic has led to increase in the surgical instruments tracking systems as this has led to uncertain situations. The surgeries which have to be done and operated require these products. So, these surgical instruments tracking systems market has grown positively.

On demand side the market is increasing has the people have to get operated after the lockdown scenario. The situation needs to be taken into consideration and emergency operations needs to be operated.

IMPACT ON SUPPLY SIDE:

When the new virus hit Wuhan, a major centrally located production hub for many of China’s supply chains, challenges immediately compounded. It was soon apparent not only worldwide health was at stake, but also the future of supply chains as we know it. As many changes are occurring, a medical distributor should rethink what lies ahead.

The new virus pandemic was first felt by players, across all industries but especially those in medical, most involved in the supply chain sector. However, COVID-19 is not the one to blame. Truly it has made professional leaders overthink established processes, but this was long overdue. In the past, many crises have influenced the goods supply network, though none of them were felt worldwide and to such extent as the current pandemic.

Low availability and increased struggles with transport resulted in many factories worldwide suffering from a sudden shortfall in raw materials. However, material shortages are nothing new and many industries have suffered similar struggles, when their main raw material hubs were affected by higher forces. Together, these factors have resulted in an astounding number of patients failing to receive the medical attention they need.

Now that most states have lifted restrictions on elective surgery, hospital leaders across the country have been rushing to implement ramp up strategies. COVID-19 exposed that healthcare systems have been largely unprepared to deal with this shut down and ramp-up. In addition to addressing the growing patient backlog, the motivation to restart elective surgery includes tempering revenue shock from decreased surgical volume, a substantial contributor to the margin of hospitals and medical centers. In fact, deferment of medical care has a broader impact on the national economy, as approximately half of the annualized 4.8% U.S. GDP decline in the first quarter of 2020 is attributed to health care services, especially delayed elective procedures.

So, on the supply side the growth of the market is on a negative scale. This is due to the lockdown situations in many countries manufacturing surgical instruments tracking systems.

The supply of surgical instruments tracking systems however has suffered a massive hit due to the global pandemic of COVID-19. This reduction in supply is mainly due to various quarantine policies adopted by countries worldwide.

This along with the restrictions of movement and labor reduction are the major reasons for a decreasing trend in supply market of surgical instruments tracking systems. This has affected the quality and efficacy of medical devices a great deal. The existing product exportation policies of many countries have misbalanced the supply to demand ratio. Reduction in headcount of labor force due to COVID-19 affliction is another factor contributing to the reduced supply of surgical instruments tracking systems.

Another reason for the reduction in supply of surgical instruments tracking systems is the loss of patents and expiry of existing patents for many excipients due to work force reduction.

KEY INITIATIONS TAKEN BY KEY PLAYERS DURING COVID-19:

The strategic approach presented by the surgical instruments tracking systems manufacturers can bring a positive impact in the growth of the market. The decision taken for surgical instruments tracking systems modelling involves studying the behavioral patterns in human societies and socio-economic systems. The major players are also trying to device certain strategies, to complete the demand and to increase the long-term growth in the sales of the surgical instruments tracking systems.

Medical Devices companies are focusing on new innovations in the functional surgical instruments tracking systems category. The emergence of different developed version of many medical devices has raised the use of surgical instruments tracking systems in the industry. Various policies are being adopted by the key players in trying to ease the production patenting and export process of the market. 

CONCLUSION

For now, in present the utmost emergency is regarding the pandemic and about the health of people. While the numbers are increasing many industries are still adjusting these factors to growth eventually. Normal conditions aren’t available in near future until the evolution a proper solution like vaccine against COVID-19. Till then the business or the market for various products cannot be treated as normal.

With the reality hitting us hard it is very much required to search for some temporary solutions in order to stop the spreading of the disease. To adapt and thrive the organizations become much faster in growth and become flexible and lithe. This pandemic has helped to boost the growth of global pharmaceutical excipients market across the globe.

Thus, the revenue generated by the key players would definitely increase. There would be even some evolution of competition among the producers for producing high quality surgical instruments tracking systems.

Till everything becomes next to normal which is just an assumption the global surgical instruments tracking systems market with would be rising on demand but decreasing on the supply side.